System and method for administration of loyalty program

Abstract

Systems and methods for management of financial and insurance products held by customers in a group and for administration of a loyalty and reward program for the group. Each customer in a group has an individual customer profile, which includes information about one or more insurance products held by a customer and a reward points total associated with the one or more products held by the customer. The profiles of various customers may be compiled in group data. The group attributes may include a group reward points total, which is based on the reward points total of the customers in the group. Either the individual customer reward points totals and/or the group reward points total can be applied to various transactions to receive a reward benefit.

What is claimed is: 
     
         1 . A computerized method for an insurance company to administer a group-based insurance loyalty and reward program, comprising:
 creating, by a computer application executing on a processor, a first customer profile in a database, the first customer profile including information about one or more insurance products held by a first customer and a reward points total associated with the one or more products held by the first customer;   creating, by the computer application executing on the processor, a second customer profile in the database, the second customer profile including information about one or more insurance products held by a second customer and a reward points total associated with the one or more products held by the second customer;   associating, by the computer application executing on the processor, the first customer profile and the second customer profile in group data stored in the database,   determining, by the computer application executing on the processor, a group reward points total based at least in part on the first customer's reward points total and the second customer's reward points total;   incorporating, by the computer application executing on the processor, the group reward points total to the group data stored in the database;   identifying, by the computer application executing on the processor, a reward benefit corresponding to at least a portion of the group reward points total; and   applying, by the computer application executing on the processor, a reward benefit to a product purchase transaction executed by the processor.   
     
     
         2 . The method of  claim 1 , wherein each of the first and second customer profiles include privacy settings for controlling third-party accessibility to the information about the one or more insurance products held. 
     
     
         3 . The method of  claim 2 , wherein the privacy settings include selections of which products to show to third parties. 
     
     
         4 . The method of  claim 3 , wherein the privacy settings include selections of which information about each of the products to show to third parties, wherein the information includes at least one of coverage amount and beneficiary(ies). 
     
     
         5 . The method of  claim 1 , further comprising contributing, by the computer application executing on the processor, a monetary amount designated by the first customer to one of the second customer's insurance products designated by the first customer. 
     
     
         6 . The method of  claim 5 , wherein contributing includes executing a contribution transaction with an insurance server associated with one of the second customer's insurance products designated by the first customer. 
     
     
         7 . The method of  claim 1 , further comprising executing, by the computer application executing on the processor, a product purchase designated by the first customer. 
     
     
         8 . The method of  claim 1 , further comprising updating, by the computer application executing on the processor, the first customer's reward points total and the second customer's reward points total based on product transactions executed by the processor. 
     
     
         9 . The method of  claim 8 , further comprising updating, by the computer application executing on the processor, the group reward points total based on the first customer's reward points total and the second customer's reward points total. 
     
     
         10 . The method of  claim 1 , further comprising linking the first customer profile in the database to one or more insurance servers corresponding to the one or more insurance products held by the first customer. 
     
     
         11 . The method of  claim 10 , further comprising linking the second customer profile in the database to one or more insurance servers corresponding to the one or more insurance products held by the second customer. 
     
     
         12 . A system for an insurance company to administer a group-based insurance loyalty and reward program, comprising:
 a database; and   at least one processor configured to:
 create group data in a database, the group data including a plurality of customer profiles that are identified as belonging to the same group, each of the customer profiles including information about one or more insurance products held by a customer and a reward points total associated with the one or more products held by the customer; 
 incorporate a group reward points total to the group data stored in the database, the group reward points total being based at least in part on each of the plurality of customers' reward points totals; and 
 apply a reward benefit corresponding to at least a portion of the group reward points total to a product purchase transaction executed by the processor. 
   
     
     
         13 . The method of  claim 12 , wherein each of the plurality of customer profiles includes privacy settings for controlling third-party accessibility to the information about the one or more insurance products held. 
     
     
         14 . The method of  claim 13 , wherein the privacy settings include selections of which products to show to third parties. 
     
     
         15 . The method of  claim 14 , wherein the privacy settings include selections of which information about each of the products to show to third parties, wherein the information includes at least one of coverage amount and beneficiary(ies). 
     
     
         16 . The system of  claim 12 , wherein the processor is further configured to update each of the customer's reward points total based on product transactions executed by the processor. 
     
     
         17 . The system of  claim 16 , wherein the processor is further configured to update the group reward points total based on each of the customer's reward points total. 
     
     
         18 . The system of  claim 12 , wherein the processor is further configured to link each of the customer profiles in the database to one or more insurance servers corresponding to the one or more insurance products held by a customer. 
     
     
         19 . The system of  claim 12 , wherein the processor is further configured to identify reward benefits corresponding to at least a portion of each of the customer's reward points total. 
     
     
         20 . The system of  claim 12 , wherein the processor is further configured to identify reward benefits corresponding to at least a portion of the group reward points total. 
     
     
         21 . A computerized method for an insurance company to administer a group-based insurance loyalty and reward program, comprising:
 creating, by a computer application executing on a processor, group data in a database, the group including a plurality of customer profiles that are identified as belonging to the same group, each of the customer profiles including information about one or more insurance products held by a customer and a reward points total associated with the one or more products held by the customer;   incorporating, by the computer application executing on the processor, a group reward points total to the group data stored in the database, the group reward points total being based at least in part on the plurality of customers' reward points totals; and   applying, by the computer application executing on the processor, a reward benefit corresponding to at least a portion of the group reward points total to a product purchase transaction executed by the processor.   
     
     
         22 . The method of  claim 21 , wherein each of the plurality of customer profiles includes privacy settings for controlling third-party accessibility to the information about the one or more insurance products held. 
     
     
         23 . The method of  claim 22 , wherein the privacy settings include selections of which products to show to third parties. 
     
     
         24 . The method of  claim 23 , wherein the privacy settings include selections of which information about each of the products to show to third parties, wherein the information includes at least one of coverage amount and beneficiary(ies). 
     
     
         25 . The method of  claim 21 , further comprising updating, by the computer application executing on the processor, each of the customer's reward points total based on product transactions executed by the processor. 
     
     
         26 . The method of  claim 21 , further comprising updating, by the computer application executing on the processor, the group reward points total based on each of the customer's reward points total. 
     
     
         27 . The method of  claim 21 , further comprising linking each of the customer profiles in the database to one or more insurance servers corresponding to the one or more insurance products held by a customer. 
     
     
         28 . The method of  claim 21 , further comprising identifying, by the computer application executing on the processor, reward benefits corresponding to at least a portion of each of the customer's reward points total. 
     
     
         29 . The method of  claim 21 , further comprising identifying, by the computer application executing on the processor, reward benefits corresponding to at least a portion of the group reward points total.